[GLOBAL ECONOMIC TIMES]  Alphabet, Google's parent company, surged 5% in after-hours trading after reporting third-quarter earnings that beat the market.

On the 29th (local time), Alphabet announced its quarterly results after the market closed. Earnings per share (EPS) was $2.12, exceeding market expectations of $1.85. Sales reached $88.27 billion, exceeding the initial estimate of $86.33 billion.

YouTube advertising revenue recorded $8.92 billion, slightly below market expectations, while Google Cloud revenue exceeded market expectations at $11.35 billion.

Alphabet's sales increased 15% compared to the same period last year.

As Alphabet's performance came out better than expected, its stock price surged 4% in after-hours trading as of 4:33 p.m. Eastern time.

“Our long-term focus and investment in AI is bearing fruit as consumers and partners benefit from AI tools,” Alphabet CEO Sundar Pichai said in a statement. “It exceeded 100 million dollars,” he said.

The ‘Google Subscriptions, Platforms, and Devices’ category, which includes hardware, Play Store, and YouTube paid subscriptions, recorded sales of $10.66 billion, a significant increase from $8.34 billion in the same period last year.

‘Other bets’, including Waymo, continued to record losses. Sales increased to $388 million compared to $297 million in the third quarter of 2023, but losses amounted to $1.12 billion.